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Fiscal Council: Budget deficit could grow up to 4.8 of GDP in 2020

deficit

The Fiscal Council (CF) estimates a probable level of the budget deficit for 2020 between 4.6 and 4.8 per cent of the GDP, over 6 per cent of the GDP in 2021 and over 7 per cent of the GDP in 2022, according to the opinion of the CF on the Law on the state budget and the Law on the social insurance budget for 2020.

"Considering the information available at the moment, CF estimates a probable level of the budget deficit for 2020 between 4.6 and 4.8 per cent of the GDP. The deviation from the target of 3.6 per cent of the draft budget comes from: 0.45 percentage points (pp) of the GDP from the deterioration beyond expectations of the budget execution for 2019, which represents the starting point in the subsequent budget constructions; 0.5 pp from the modification of fees and taxes after the adoption of the draft budget for 2020; 0.15 pp in the case of a more plausible (prudent) macroeconomic projection," shows the document.

The Fiscal Council appreciates that additional measures are needed on budgetary revenues and expenditures to ensure convergence with the proposed deficit target for the current year.

"Regarding the fiscal-budgetary perspectives in the medium run, considering unchanged policies and tolerance (hard to imagine) from the markets, CF appreciates probable levels of the budget deficit of over 6 per cent of the GDP in 2021 and over 7 per cent of the GDP respectively in the year 2022. In these conditions, and given the complicated domestic and international economic context, including from the perspective of the availability and the costs of financing, it is obvious the necessity of adopting the most rapid corrective measures, able to restore the fiscal-budgetary situation on a sustainable path, and according to the national and European tax rules," specified the same document.

AGERPRES

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